SMB

We believe Azerbaijan’s socio-economic development is closely linked with entrepreneurship and its future development!

Four More Entrepreneurs Exempted from Profit Tax on Innovation Activities Azerbaijan–Vietnam Business Council to Be Established Attention to SMEs Interested in Collaborating with Oil and Gas Companies! An event dedicated to the 102nd anniversary of the birth of Heydar Aliyev was held at KOBIA Entrepreneurs’ Questions Regarding the 7th Grant Competition Addressed A Meeting Was Held with Female Inmates at Penitentiary Institution No. 4 of the Penitentiary Service A Memorandum of Understanding Signed Between KOBIA and the Belarusian Universal Commodity Exchange JSC The Path to Entrepreneurship – Take Your First Step into Business with the Self-Employment Program Attention to the SMBs with questions regarding the 7th Grant Competition Support from entrepreneurs to football clubs within the framework of Corporate Social Responsibility

Opportunities to simplify and improve financial accounting and reporting of SMBs have been discussed 16.09.21

The absolute majority of taxpayers whose reports revealed inconsistencies relate to micro and small businesses. The analysis performed as part of the SMBDA collaboration with the State Tax Service shows that taxpayers, especially micro and small entrepreneurs in the areas of trade and services, do not keep records of income and expenses according to the legislation and incorrectly draw up declarations and other documents, which leads to the assessment of taxes in a desk manner thus causing dissatisfaction of taxpayers. This shows that this category of entrepreneurs does not have the required level of knowledge and skills in the relevant field.

The chairman of the Board of the Small and Medium Business Development Agency (SMBDA) Orkhan Mammadov stated this in his speech at the international scientific-practical conference dedicated to the 25th anniversary of the Chamber of Auditors of the Republic of Azerbaijan. It was noted that this is because SMBs in Azerbaijan do not have the opportunity to involve professional accountants and auditors in reporting and prepare it independently. In such cases, entrepreneurs should be supported, and the financial accounting and tax reporting forms should be simplified.

The SMB development centers that are part of the SMBDA structure, operating in various cities and regions of the country, regularly provide training and consulting services on tax administration, as well as preparing financial, non-financial, and tax reporting, and accounting rules. Over the past period of 2021, the SMB development centers have arranged about 40 pieces of training, attended by about 800 entrepreneurs, as well as those wishing to start their businesses.

He also stated that SMBDA and the State Tax Service launched a joint project to eliminate shortcomings in tax administration, tax reporting by micro and small businesses, and other relevant areas. Under the project, entrepreneurs will be classified according to areas of activity, where shortcomings occur, and involved in training in the SMB development centers. The Agency is also ready to cooperate with relevant bodies in performing coordinated work to develop proposals for further simplifying financial accounting and reporting for SMBs.